That doesn't mean there's no E2E encryption. WhatsApp can take the text of your conversations and also send plaintext to Facebook for ad targeting, while the actual conversation to the other person is still E2E encrypted. Or do "local" analytics on the phone to find keywords for ad targeting. Etc.
So literally defeating the purpose of e2e encryption where the conversations are between me and the other person. Not parsed prior for advertising. In any case people should avoid WhatsApp as it’s clearly less secure now that Facebook owns it.